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Cattle Futures: Prices Close Higher, Wednesday

15 May 2014
Jim Wyckoff Commentary -  TheCropSite

US - Bulls will shoot for around $138.70, while the Bears push down to $136.00, reports Jim Wyckoff, TheCattleSite analyst.

June live cattle closed up $0.50 at $137.50 on Wednesday. Prices closed nearer the session low today. The bulls have the overall near-term technical advantage.

First resistance is seen at today’s high of $138.00 and then at $138.50. First support is seen at today’s low of $137.30 and then at this week’s low of $136.80. Wyckoff's Market Rating: 6.5

August feeder cattle closed up $0.77 at $192.45 Wednesday. Prices closed near the session low but did close at a contract high close today.

Bulls have the solid overall near-term technical advantage. A bull flag has formed on the daily bar chart.

The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at the contract and record high of $193.47.

The next downside price breakout objective for the bears is to push and close prices below solid technical support at $187.75. First resistance is seen at today’s high of $192.70 and then at $193.00. First support is seen at $192.00 and then at $191.50. Wyckoff's Market Rating: 8.5

TheCattleSite News Desk

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading (and I agree 100%): 1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

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